Single Americans living in the five most expensive states to live in need to earn over $100,000 a year to live comfortably. This is stated in the SmartAsset study.
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How much money do you need for a comfortable life
Comfortable within the framework of the study means income that covers the budget according to the 50/30/20 model, that is, 50% salaries are spent on housing and other mandatory expenses, 30% – on other expenses, and 20% is set aside in the form of investments.
The most expensive states in America
The most expensive state is Massachusetts, where for For a comfortable life, one needs to earn at least $116 thousand.
The top 5 also included Hawaii and California ($113.7 thousand), New York ($111.7 thousand) and Washington ($106.5 thousand) . For comparison, in North Dakota the figure is $52.8 thousand.
The median salary in the United States is about $60 thousand, according to the Department of Labor. The median income sufficient to live comfortably alone is $89.5 thousand.
The study authors note that budgeting using a 50/30/20 scheme may not be optimal for single Americans because they spend more on housing , food, travel and entertainment than those who live in couples.
Researchers call this the “loneliness tax.” They advise single people to find more affordable housing – for example, a small apartment – or cut down on unnecessary expenses, in particular on travel.
